P6-11B Inventory Costing Methods- Perpetual Method

             Inventory Costing   Methods—Perpetual Method Gleem Sales Corporation   uses the perpetual inventory system   On   January 1, 2015 inventory Gleem had:          2,600  units of product B with a   unit cost of $40 per unit     A   summary of purchases and sales during 2015 follows:                            Unit  Units           Unit Cost Purchased Sold        Jan. 3     1,600         Mar. 8  $44   3,000          June 13     2,000         Sept. 19   46   800          Nov. 23   48   1,200          Dec. 28        1,800                                 Required           a. Assume that Gleem uses   the first-in, first-out method. Compute the cost of goods sold for 2015    and the ending inventory   balance at December 31, 2015, for product B.    b. Assume that Gleem uses   the last-in, first-out method. Compute the cost of goods sold for 2015    and the ending inventory   balance at December 31, 2015, for product B.    c. Assume that Gleem uses   the weighted-average cost method. Compute the cost of goods sold for    2015 and the ending   inventory balance at December 31, 2015, for product B. Round the cost      per unit to 3 decimal   places and round your final answers to the nearest dollar.       

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